Could someone explain the difference between these two. I understand that the 1099A is for abandoned or repo'ed property. But if the box is checked about personal liability, what has to be reported. It is my understanding that the 1099A is not a forgiveness of the debt. The financial institution has two years before they might forgive the debt. And that that forgiveness would br reported on the 1099C.
Thanks for any input.
Thanks for any input.
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